# Crunch time for OPEC as Russia's Novak returns to Vienna for oil cut talks | S&P Global

> OPEC recommended an additional 1.5 million bpd cut in production, to be split between OPEC and non-OPEC members. The group also lowered its 2020 demand growth forecast to 0.48 million bpd.

- Date: 2020-03-06 · published 2020-03-06T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/54053-crunch-time-for-opec-as-russia-s-novak-returns-to-vienna-for-oil-cut-talks-s
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The proposed cut is meant to offset a sharp drop in oil demand, which supports crude prices if agreed. The weaker demand outlook signals ongoing pressure on energy-linked commodities.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-06 | 1 | -10.3% | -5.8 | Pre-decision coverage of Novak's return to Vienna shows the market was exposed to the risk of talks failing, and OPEC lowered its demand growth forecast. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-05 | [OPEC+ delegates to resume coronavirus talks on possible new oil cuts \| S&P Global](https://feedsoft.ai/events/54528-opec-delegates-to-resume-coronavirus-talks-on-possible-new-oil-cuts-s-and-p.md) | +0.1% | -3.5% |
| BRENT | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | -0.4% | +0.5% |
| BRENT | 2024-02-28 | [OPEC+ Extends Oil Cuts Amid Global Supply Crunch - Energy News Africa Plus](https://feedsoft.ai/events/31861-opec-extends-oil-cuts-amid-global-supply-crunch-energy-news-africa-plus.md) | +0.2% | +2.8% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| BRENT | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.7% | +5.3% |
| WTI | 2020-02-05 | [OPEC+ delegates to resume coronavirus talks on possible new oil cuts \| S&P Global](https://feedsoft.ai/events/54528-opec-delegates-to-resume-coronavirus-talks-on-possible-new-oil-cuts-s-and-p.md) | +0.8% | -5.7% |
| WTI | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | +2.4% | +2.3% |
| WTI | 2024-02-28 | [OPEC+ Extends Oil Cuts Amid Global Supply Crunch - Energy News Africa Plus](https://feedsoft.ai/events/31861-opec-extends-oil-cuts-amid-global-supply-crunch-energy-news-africa-plus.md) | -0.9% | +3.3% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/030620-crunch-time-for-opec-as-russias-novak-returns-to-vienna-for-oil-cut-talks

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.